What Is An IVA?

Understand What An IVA Is And How It Works

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What Is IVA - Debt Help?

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What Does IVA Stand For?

People all through the UK are finding themselves deep in debt and many of them do not know how they are going to get out of it. Credit cards and store cards are the main culprits in putting people in debt that they cannot get out of. If you have tried other methods, such as debt management you may need to use an IVA to get out of debt.

If you are wondering what is an IVA is stands for Individual Voluntary Arrangement. This is a formal agreement that you make with your creditors. You will pay a reduced amount of what you owe them. You usually will have a chance to repay the reduced amount over a five year period. Your creditors will not be able to try to collect from you when you use an Individual Voluntary Arrangement.

Due to the fact that an IVA is a formal agreement you will have to use a licenced professional to oversee the agreement. Your Insolvency Practitioner (IP) will be in charge of dealing with the creditors. He will take information from you about your finances. He will need to know what your income is and what bills you have coming out of that income. He will then set up payment arrangements.

A meeting will be held with your creditors. This is a meeting that you should attend. The creditors will vote on whether to accept the IVA payment arrangements. If three quarter of your creditors agree to it, the IVA will be approved. If you are wondering what an IVA is, it is a way out from under a large load of debt that is an alternative to having to go bankrupt.

An IVA is a formal agreement, so no creditors can contact you once the IVA is approved. Even the creditors who voted against the Individual Voluntary Arrangement must adhere to it. This will put an end to the harassing phone calls that you may have been receiving.

An Individual Voluntary Arrangement will affect your credit in a negative matter for a few years. It is not going to affect it like a bankruptcy would, however. This is a better method to use than filing bankruptcy. As long as you have income coming into your household so you can pay the IVA you will find that you can get out from under all the debt you are currently in. For five years you will pay some of the debt. The payment arrangement will fit into your budget.

After five years you will be considered free of debt. Any debts that were not cleared at this time will be written off as paid. This can get you back on your feet financially. You can get a fresh start on life. Once you are finally free of the debt you were under, you should make a budget and stick to it. Do not use your credit cards because you do not want to end up back in a financial crisis. An IVA will affect your credit for a short time.

Bankruptcy is something you want to avoid if possible. You should see if an Individual Voluntary Arrangement will work first. Bankruptcy follows you on your credit for many years. You will have a very difficult time purchasing anything on credit after a bankruptcy. It may affect your chances at employment and you may not be able to purchase your own home.

If you can budget your money and stick to the budget you may be able to get out of debt without using an IVA. Trying a debt management plan and working out payment arrangements with your creditors without applying for an Individual Voluntary Arrangement can be tried. You may be able to get interest rates reduced on your credit cards. This will lower your monthly payments making it easier for you to pay your bills. Before applying for an IVA make sure you have tried everything in your power to get your finances under control. It is a method to escape some of your debt. You will have credit problems after and during an IVA. It will have a negative impact on your credit.

It is a way to keep from drowning in debt when nothing else works. If you are ready for a fresh start financially and can handle have credit problems for a while then using an Individual Voluntary Arrangement is the answer.

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